Tax Increment Financing (TIF)
As of November 1, 1999, the Tax Increment Allocation Redevelopment Act [65 ILCS 5/11-74.4-3 et. seq.] and the Industrial Jobs Recovery Law [65 ILCS 5/11-74.6-10 et. seq.] require all Illinois municipalities with one or more redevelopment project areas [TIFs] to annually file their financial information with the Office of the Comptroller. Information for each TIF must be submitted 180 days after the close of the municipal fiscal year or as soon thereafter as the audited financial statements become available.
